West Virginia Code § 17-16F-20

Bonds and notes not debt of state, county, municipality, or of any
Open in Lexace · Ask the AI about this section
political subdivision; expenses incurred pursuant to article.
(a) Railroad maintenance revenue bonds and notes and railroad maintenance revenue
refunding bonds issued under authority of this article and any coupons in connection
therewith do not constitute a debt or a pledge of the faith and credit or taxing power of this
state or of any county, municipality, or any other political subdivision of thise state, and the
holders or owners have no right to have taxes levied by the Legislature or taxing authority of
any county, municipality, or any other political subdivision of this stater for the payment of
the principal or interest, but such bonds and notes are payable solely from the revenues and
funds pledged for their payment as authorized by this article unless the notes are issued in
anticipation of the issuance of bonds or the bonds are refunded by refunding bonds issued
under authority of this article, which bonds or refunding bontds are payable solely from
revenues and funds pledged for their payment as authorized by this article. All bonds and
notes shall contain on the face of a statement to the effect that the bonds or notes, as to both
principal and interest, are not debts of the state or any county, municipality, or political
subdivision, but are payable solely from revenues and funds pledged for their payment.
(b) All expenses incurred in carrying out the provisions of this article are payable solely from
funds provided under authority of this article. The division is not authorized to incur
indebtedness or liability on behalf ogf or payable by the state or any county, municipality, or
political subdivision.

‹ Prev All West Virginia sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.